Raymond James Financial Inc. Takes $42.08 Million Position in Gates Industrial Corp PLC (NYSE:GTES)

Raymond James Financial Inc. purchased a new position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,045,677 shares of the company's stock, valued at approximately $42,080,000. Raymond James Financial Inc. owned 0.80% of Gates Industrial as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Amalgamated Bank increased its holdings in Gates Industrial by 93.5% during the 3rd quarter. Amalgamated Bank now owns 69,664 shares of the company's stock worth $1,223,000 after purchasing an additional 33,668 shares during the period. Principal Financial Group Inc. increased its holdings in Gates Industrial by 6,879.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,063,838 shares of the company's stock worth $18,670,000 after purchasing an additional 1,048,596 shares during the period. Covestor Ltd increased its holdings in Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company's stock worth $84,000 after purchasing an additional 1,001 shares during the period. Crossmark Global Holdings Inc. increased its holdings in Gates Industrial by 7.0% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 53,079 shares of the company's stock worth $931,000 after purchasing an additional 3,459 shares during the period. Finally, State of New Jersey Common Pension Fund D increased its holdings in Gates Industrial by 2.8% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 110,629 shares of the company's stock worth $1,942,000 after purchasing an additional 3,061 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on GTES shares. The Goldman Sachs Group lifted their price target on Gates Industrial from $21.00 to $24.00 and gave the company a "neutral" rating in a report on Thursday, December 12th. Evercore ISI lifted their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a report on Wednesday, February 19th. Jefferies Financial Group lifted their price target on Gates Industrial from $23.00 to $26.00 and gave the company a "buy" rating in a report on Friday, December 6th. Barclays cut their price target on Gates Industrial from $27.00 to $26.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Finally, Citigroup cut their price target on Gates Industrial from $27.00 to $24.00 and set a "buy" rating on the stock in a report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $24.22.

Gates Industrial Stock Up 4.8 %

GTES stock traded up $0.91 on Friday, hitting $19.71. 2,478,809 shares of the company's stock were exchanged, compared to its average volume of 2,866,198. Gates Industrial Corp PLC has a 12-month low of $15.14 and a 12-month high of $23.85. The firm has a 50 day moving average price of $20.92 and a two-hundred day moving average price of $19.99. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.26 and a current ratio of 3.20. The stock has a market cap of $5.03 billion, a P/E ratio of 26.99 and a beta of 1.33.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 earnings per share for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, equities research analysts expect that Gates Industrial Corp PLC will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Gates Industrial

In other news, Director Fredrik J. Eliasson purchased 60,000 shares of the company's stock in a transaction on Friday, March 7th. The shares were acquired at an average price of $19.56 per share, for a total transaction of $1,173,600.00. Following the purchase, the director now owns 188,452 shares in the company, valued at $3,686,121.12. This trade represents a 46.71 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.30% of the company's stock.

Gates Industrial Company Profile

Gates Industrial Corporation PLC designs and manufactures power transmission equipment. Its products serves harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation.